The global digital health market is set to experience substantial growth over the next decade, with the market value expected to double from USD 8,131.3 million in 2024 to an impressive USD 16,603.7 million by 2034. This growth is driven by the increasing adoption of digital health solutions, including telehealth, which is anticipated to grow at a rate of 7.4% annually.
Telemedicine has revolutionized the healthcare industry, providing essential services such as remote monitoring and consultations. This innovation has significantly heightened the demand for digital healthcare solutions, enabling healthcare providers to offer continuous and real-time monitoring of patients’ vital signs, manage chronic illnesses effectively, and track patient recovery status.
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Wearable integration has also enabled constant monitoring of potential patients which is also supporting wellness programs and preventative care businesses. Using data analytics to create individualized treatment programs is an advanced form of digital health that is expected to boost market expansion in the coming days.
Key Takeaways from the Digital Health Market Study Report:
- The overall market is predicted to witness an absolute growth opportunity of USD 8,500 million over the next ten years.
- The United States is currently the leading market for the adoption of digital health technologies and is likely to advance at 6.8% per year from 2024 to 2034.
- Demand for digital health services in Germany is predicted to grow at a rate of 6.6% per year through the projected years.
- India is poised to witness the most lucrative CAGR of 22.5% in the adoption of digital healthcare facilities during the projected years.
- Thailand is also emerging as a lucrative market for digital health services and is forecasted to be at a rate of 16.4% per year between 2024 and 2034.
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Competitive Landscape for the Digital Health Market Participants:
The overall market is witnessing a steep increase in completion these days due to the adoption of digital health services by the continuous entry of established industries in the healthcare sector. However, dedicated digital health service providers hold on to their market position by providing customized medical treatments and maximizing treatment outcomes by taking into account personal patient information.
“A steep rise in smartphone usage has increased the popularity of mobile health applications in both developed and developing countries. Digital healthcare solutions are also helping such patients with features for lifestyle management, medication adherence tools, and remote monitoring.” – says a lead analyst at FMI
Recent Developments by the Digital Health Industry Players:
In June 2023, the pharmaceutical giant Bayer introduced a precision health unit to increase its investment in consumer-facing digital health products. According to a press statement, the company aims to give top priority to creating digital solutions that help consumers make better decisions about their own health by utilizing unique delivery methods and personal data.
In August 2023, Lupin Digital Health announced the opening of the first-ever digital heart failure clinic launched by Lupin Digital Health. Lupin Digital is a division of Lupin Pharmaceuticals that focuses on cardiac digital therapies and inaugurated its Lyfe Digital Heart Failure Clinic in India. The goal of these e-clinics is to assist cardiologists and caregivers in efficiently managing patients with heart failure from the convenience of their own homes.
Key Players Profiled in the Digital Health Market Report:
- AT&T Inc.
- Apple Inc.
- AirStrip Technologies LP
- Alcatel-Lucent Corporation
- Cerner Corporation
- Symantec Corporation
- Aruba Networks, Inc.
- Cisco Systems, Inc.
- Qualcomm, Inc.
- Siemens Healthcare
- Philips Healthcare
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Key Segments Covered by Digital Health Industry Survey Report:
By Solution Type:
- Software
- Healthcare Payers Software
- Healthcare Claims Management Software
- Healthcare CRM Software
- Payer Care Management Software
- Other Healthcare Paying Software
- Healthcare Payers Software
- Healthcare Providers Software
- EHR or EMR Software
- E-Prescribing Software
- Healthcare Asset Management Software
- Population Health Management Software
- Other Healthcare Providing Software
- Services
- Managed Services
- Professional Services
- Healthcare Consulting Services
- Integration & Implementation Services
- Support & Maintenance Services
- Other Professional Services
By Deployment:
- Cloud-based
- On-Premises
By End User Verticals:
- Diagnostics Centers
- Healthcare Payers
- Healthcare Research Centers
- Hospitals & Clinics
- Nursing Care Centers
- Other End User Verticals
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- Middle East and Africa (MEA) Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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